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In Singapore dollar terms, gross revenue declined 1.9 percent to $55.18 million, while net property income increased 7.3 percent to $40.36 million.
CapitaLand Retail China Trust (CRCT) saw its distribution per unit (DPU), after capital distribution, fall 3.8 percent to 2.54 Singapore cents in the second quarter of 2019 from 2.64 Singapore cents over the same period last year.
Before capital distribution, DPU increased two percent year-on-year. A capital distribution of $1.5 million was included in Q2 2018 arising from the gain realised from the divestment of interest in a company that held CapitaMall Anzhen.
Income available for distribution to unitholders rose five percent to $25.4 million.
In Q2 2019, gross revenue climbed 1.9 percent to RMB274.9 million, on the back of robust rental growth from multi-tenanted malls, mainly offset by lower revenue in CapitaMall Qibao and CapitaMall Grand Canyon.
Net property income also rose 11.5 percent to RMB201 million.
In Singapore dollar terms, gross revenue declined 1.9 percent to $55.18 million, while net property income increased 7.3 percent to $40.36 million.
For the first half of 2019, gross revenue and net property income grew 3.2 percent and 11.1 percent year-on-year to RMB554.5 million and RMB399.97 million, respectively.
However, in Singapore dollar terms, gross revenue declined 0.5 percent to $111 million, while net property income increased 7.2 percent to $80.2 million.
The trust’s manager revealed that CRCT has “completed all term loan refinancing due in 2019 and have early refinanced part of the loans due in 2020”.
“About 80 percent of CRCT’s total term loans is on fixed interest rates, providing certainty of interest expenses. To mitigate the impact of foreign currency fluctuations, CRCT hedged approximately 50 percent of its distributable income into Singapore dollars.”
It added that CRCT’s gearing stood at a healthy 33.8 percent as at end June 2019, which is way below the 45 percent regulatory limit.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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